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Andersonville
Quick Hit
by Ellyn Fortino
1:58pm
Thu Jun 19

CivicLab: Chicago's 48th Ward Had $22 Million In TIF Funds Last Year

Far North Side Chicago residents were shocked to learn that the five active tax increment financing (TIF) districts located in the 48th Ward had $22.3 million sitting in their collective bank accounts at the start of 2013, according to city data revealed by the CivicLab at a Wednesday night community meeting.

That money would have otherwise been dispersed among the local units of government that rely on property tax revenue, including the Chicago Public Schools (CPS) district, were it not for the city’s controversial TIF program, which is intended to spur economic development in “blighted” areas. Read more »